POCASSET, Mass., May 19 /PRNewswire/ -- Datamarine International, Inc. (NASDAQ: DMAR), today reported sales for the second quarter ended April 4, 1993 of $2,038,684, a decrease of 22 percent from the $2,616,335 of the same quarter last fiscal year. The result for the quarter was a loss of $(403,545), or (34 cents) per share, compared to the loss of $(71,688), or (6 cents) per share, for the same quarter last fiscal year.
The loss from continuing operations amounted to $(404,045), or (34 cents) per share in the second quarter of fiscal 1993, compare to the loss from continuing operations of $(169,141), or (14 cents) per share in the second quarter of fiscal 1992.
Sales for the six months ended April 4, 1993 were $3,653,995, down 21 percent from the $4,650,316 of sales in the first six months of last year. The loss from continuing operations for this six month period amounted to $(634,523), or (53 cents) per share, compared to the loss from continuing operations in the first six months of last fiscal year of $(414,013), or (35 cents) per share.
Geoffrey W. Kreiger, CFO stated, "At the very end of the quarter, the company's SEA subsidiary made its first shipment of its narrowband product for the new land mobile radio service recently established by the F.C.C. The timing of future sales is dependent upon the rate of issuance of the required user licenses by the F.C.C. The identity of the entities who are to receive a local license was determined in the license lottery held by the F.C.C. on Oct. 19, 1992. The company is disappointed with the pace that the licenses are being issued. However, the company remains the sole manufacturer of equipment that has received F.C.C. type acceptance for this service. The company continues to aggressively pursue this developing opportunity. Sales of the SEA Unit's established marine radio product line was off for the quarter as a result of market contraction and increased competition. Sales of the Datamarine Unit's established recreational marine electronics product line was up slightly. Both Units contributed about equally to the operating loss this quarter."
Datamarine International, Inc. is a technology-based, U.S. manufacturer of marine electronics and land mobile radios.
DATAMARINE INTERNATIONAL, INC. AND SUBSIDIARIES
Consolidated Second Quarter Financial Data
(Unaudited)
Three Months Ended Six Months Ended
April 4 March 28 April 4 March 28
1993 1992(A) 1993 1992(A)
Statements of Operations
Net sales $2,038,684 $2,616,335 $3,653,995 $4,650,316
Cost of product sold 1,312,505 1,592,766 2,304,014 2,763,531
Gross profit 726,179 1,023,569 1,349,981 1,886,785
Operating expenses 1,245,921 1,281,919 2,234,256 2,509,966
Operating loss (519,742) (258,350) (884,275) (623,181)
Other income (expense) 3,697 (13,791) (1,248) (26,832)
Loss from continuing
operations before
income taxes (516,045) (272,141) (885,523) (650,013)
Provisions (credit)
for income taxes (112,000) (103,000) (251,000) (236,000)
Loss from continuing
operations (404,045) (169,141) (634,523) (414,013)
Income from discontinued
operations, net of income
taxes of $88,000 and
$102,000 --- 97,453 129,026 148,270
Gain on sale of discontinued
operations, net of income
taxes of $163,000 500 --- 239,553 ---
Net income (loss) (403,454) (71,688) (265,944) (265,743)
Income (loss) per share:
Continuing operations (34 cents) (14 cents) (53 cents) (35 cents)
Discontinued operations --- 8 cents 31 cents 13 cents
Net income (loss) (34 cents) (6 cents) (22 cents) (23 cents)
Average shares
outstanding 1,194,672 1,171,023 1,194,672 1,171,023
(A) Reclassified to present continuing operations without Data Industrial.
DATAMARINE INDUSTRIAL, INC. AND SUBSIDIARIES
As of
April 4 March 28
1993 1992
Summary Balance Sheets
Current assets $5,730,759 $7,070,104
Fixed assets, net 1,847,716 2,269,996
Other assets 45,894 465,107
Total assets 7,624,369 9,805,207
Current liabilities 1,631,096 3,023,712
Long-term debt 152,755 626,934
Stockholders' equity 5,840,518 6,154,561
Total liabilities and
stockholders' equity 7,624,369 9,805,207
Balance Sheet Information
Book value per share $4.89 $5.28
Current ratio 3.51 to 1 2.34 to 1
Long-term debt-to-equity ratio 3 percent 10 percent
Shares outstanding 1,194,672 1,171,023
Working capital 4,099,663 4,046,392
Retained earnings 3,485,567 3,933,025
-0- 5/19/93
/CONTACT: Geoffrey Kreiger, treasurer and CFO of Datamarine, 508-563-7151/

CO: Datmarine International ST: Massachusetts IN: TLS SU: ERN

SM-JK -- NE015 -- 0356 05/19/93 14:11 EDT

COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.